The global cattle healthcare market is expected to register a CAGR of 5.8% during the forecast period, 2018 to 2023. The cattle healthcare includes the treatment and diagnosis of cattle. Cattle healthcare is being fueled by the increasing beef consumption and rising demand for animal protein in the market.
According to Animal Health Institute (AHI), the AHI member companies typically spend 10-12% of their sales investing in new innovations in animal health. Numerous medicines have been developed that are used in prevention and treatment of animal health issues, such as flea and tick infestation, Lyme disease, rabies, diabetes, feline leukemia, and other types of cancers.
Ireland is continuously investing in IT and genomic technology and its cattle traceability systems (for identification and movement control systems) are the best in the world. The Animal Health Ireland generates significant animal health data through its programs – this is currently hosted by the Irish Cattle Breeders Federation (ICBF). There is a rise in research and development expenditure by many companies Eg; Zoetis incurred R&D expense of USD 382 million in 2017, USD 376 million in 2016 and USD 364 million in 2015. It has spent 364, 376, 382 USD million for 2015, 2016, and 2017, respectively. Its major focus is on developing novel vaccines and developing technologies for predicting disease with genetic tests. Few companies, such as Connecterra are investing in research of cattle monitoring and analyzing data for informing the on time actions to cattle farms. This helps the farms to take preventive measures and avoid future loses. The other factors, such as increasing initiatives by governments and insurance policy in different countries, and advanced technology leading to innovations in the cattle health sector are driving the cattle healthcare market to grow.
Globally, bureaucratic delays in public sector testing and registration process of new cattle health products are common. This problem is severe in emerging countries. A critical barrier to innovation is existing regulatory and registration processes, which are inflexible and are unable to accommodate novel technologies. In registration of biological control agents, such as entomopathogens for livestock parasite control, they suffer from administrative delays because the product does not fit any existing category (e.g., vaccines or veterinary medicines). An attempt to bring such products to market can, therefore, be delayed and expensive.
In developing countries, lack of monitoring committee against counterfeit medicines for cattle and diagnostic tests to diagnose the disease correctly is the cause of drug resistance in cattle is effecting the cattle health market. The incompatibility of data management systems often complicates the exchange of knowledge between the scientific community, policymakers, and the Cattle food production sector. Data collected by policymakers and the sector often lacks the most relevant data according to industry best practices and the latest scientific research. The other factor, such as lack of infrastructure and funding is also hindering the growth of the market.
The US cattle healthcare market held the largest market share in 2017, in North America region, due to increasing R&D expenditure in cattle health and advanced technology leading to innovations in the cattle health sector in this country, which, in turn, helps in the growth of this market. In the APAC sector China and South Korea have been identified as potential emerging markets due to increasing R&D investments.
–Major Players: Abaxis, Bayer Healthcare, Boehringer Ingelheim, Ceva Animal Health, Inc, Elanco, IDVet, Merck, Virbac, and Zoetis Animal Healthcare, amongst others.
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